February 16, 2017 / 3:10 PM / 7 months ago

Turkey sets yield on tap of March 2027 bonds at 5.65%

LONDON, Feb 16 (IFR) - The Republic of Turkey has set the yield on a tap of its March 2027 bonds at 5.65%, according to leads.

The expected size announced earlier on Thursday is US$1bn but it has yet to be confirmed.

Official guidance was 5.75% area, which compared with initial price thoughts of 5.85% area.

The notes, which carry a 6% coupon, were originally priced on January 18 for US$2bn at 6.15%.

BNP Paribas, JP Morgan and MUFG are lead managers on the tap, which is today’s business.

Turkey is rated Ba1 by Moody’s and BBB- by Fitch. (Reporting by Sudip Roy, editing by Julian Baker)

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